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Total commission (TTL)

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Total commission (TTL).  A percentage of the contracted amount of payments to a shipowner becomes payable to a broker or agent as income for his efforts in negotiating the contract (called "brokerage" or simply "commission").

When the contract specifies that the owner must also pay the Charterer some small percentage of the freight or hire, this is called "address commission". Under the single heading "total commission" a charterparty may include separate items, which are commissionable. For example, "1.25% address commission and 1.25% for ... Shipbroking Ltd." in a charterparty could be stated in a fixture telex or re-cap message from the broker as ". . . 2.5 pct ttl commission incl 1.25 pct adcom . . .".

 

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